10 THE OMAHA DALLY-1 BEE : SUNDAY , JUINE 110 , 1805.
SECOND EXTKACT.
On the 24tli uf April , 1895 , ttio Eagle Grove
School of Finance opened Ui the opera housa ,
In accordance with the agreement related In
the previous chapter and announcements
which had been duly made.
Judge D. P. Ulrdsell of the district court
was selected as chairman. He announced
that the purpose of the gathering was to con
sider the adv'sablllty ' of Immediately opening
the mints of the United States to the free
coinage of silver at the- ratio of 1C to 1 , and
as the subject was perhaps too largo'to be
reached In all Its bearing ? , to particularly
examine the points urged by Coin In "his
Chicago School of Finance. Coin , ho said ,
was present , and they were favored by the
presence of a gentleman who had long been
an advocate of International bimetallism , but
differed with Coin radically upon the policy
which this government should pursue.
"To begin with , " said the Judge , "I would
like to ask If there Is any one- present who
would oppose the free coinage of silver upon
a ratio with gold which the chief commercial
nations would unite In maintaining. If there
are any such In the house , will they signify
It now ? "
No person responded.
"Then , " said the Judge , "we will assume
that there Is no division hero upon that point.
All wish silver to be made a full redemption
money upon an agreed International ratio. "
At this point a telegram was handed to the
Judge , which he opened. After reading It
ho said : "I have hero a telegram from Gen
eral J. D. Weave ! : , who asks If he may bo
permitted to take part In the discussion If
ho' shall como here. What Is your will In
the matter ? "
The bimetallism arose.
"Mr. Chairman , " he said , "I think it Is
well that wo here determine the scope of
this Inquiry. I , for one , desire the restora
tion of silver as redemption money the world
over. I want It Interchangeable with gold
the world over. I want 11 Interchangeable
with gold on a basis of actual , intrinsic value.
While I concede that the larger use of It
will add to Its Intrinsic value , I wish to
avoir any confusion of silver coinage with
the Issue of flat paper , the quantity of which
must ba regulated wholly by congress and
be an open Issue at elections. General
Weaver is an advocate of flat money. He
docs not believe In redemption money at all.
Ho can not tlnceroly believe In the use of
silver as money ; for why should any people
toll to dig metal from the earth when a
scrap of paper will serva the same purpose ,
If General Weaver favors the use of silver
at all , the less Intrinsic value there 1 ? In It
the better for his consistency. I think It
will only confuse the Issue to have him and
Ills flat Ideas In our discussion. "
Coin then addressed the chair.
"I have found General Weaver n very
vigorous worker In the cause for whlcli I nm
laboring , and whatever his view * on flat
money may bo , ho has a right to them , and I
think he ought to have a hearing. "
"Nobody questions General Weaver's right
to his opinion , " said the blmetalllst , "but
I decline to recognize him as n friend ol
silver. Nine-tenths of the frso silver
agitators , like him , are only masquerading
ns sliver men for the purpose of dividing the
forces of honest money. 1 will not know
ingly recognize any of them as suitable or
sincere champions of an honest silver dollar.
In fact , they throw suspicion on tha Integrity
of the whole movement. "
Coin's faca colored , and lie looked like a
person under suspicion , but said nothing
more , and General Weaver was unanimously
voted out.
"Now. " said the chairman , "I believe we
are ready for business. "
Coin was already on his feet and began to
address the meeting.
"Ladles and Gentlemen : In seventeen hun
dred and "
"One moment , please , " said n voice.
A QUESTION OP TODAY.
It was our friend , the traveling man , whom
wo first mot In the hotel some weeks previous
and to whose earnest deelro to sift the truth
from error thin meeting was due.
"There may have been something done In
the labt century of Interest on this question ,
but what have seemed to mo to be the vital
points are not so far distant. It Is claimed
* I believe , that In 1S73 a radical change was
made In our monetary system , by reason of
which all property has been depreciating In
value , and must continue to do so. The
entire force and merit of Coin's argument
centers In this decline of prices. If no t > uch
loss as he describes hug In fact been suf
fered there Is nothing to bo remedied. Thesa
people are claiming that no general decline
can be shown In farm products as marketed
In this locality , anil that the position of the
western farmer > l s greatly Improved since
1873. Now , I would like jou to meet them
at once on that point , for If they are right
my Interest In tlio whole question becomes
very much less acute. I don't want to get
lost In a nmzo of theories nitd charges and
itailstlcs covering 100 years , und finally
loava here without getting what I came tor.
I Ueg pardon for the Interruption , but It you
can first show these people how much their
c-tijjtlon has chaiiged for the worse since
Iii3 1 will guarantee that they will listen
attentively tc > why It has grown worse.
Wlmt have you to say to this farmer's state
ment that corn was o cheap In Iowa In
1ST. ! nnd 1S73 that It was burnel for fuel ? "
I would prefer to taku up the various
pauses of tlils question In my regular order , "
EJ. d Coin , "but PS I always Invite questions ,
I will not decline lo answer this. I scarcely
need to do more , however , than refer you to
page 110 ot 'Coin's rinancl.il School , ' which
records my reply to a similar question by
Mr. Hcnrotln. The ooni crap cf Illinois , for
1&72. which controlled the price until the next
crop was In sight , was 217,02.000 bushels ,
while the crop of Illinois in 1S93 was only
100.550. < 70. The Chicago prices In 1873
anil In ISO ! were about the same ,
lint with the reduced crop ot 1832 ,
and Increased ix-puUtltu , the price
xhoutd have been much higher. As I
zild to Mr. Heurotln I say now ; Overproduc
tion account * for the low price In 1873 , and
the gold standard account * for the low price
In JS93. la that eufflclentT"
And the dipper little fellow walled , with a
! nun , looking first to the farmer and then to
.he blmetalllst.
The farmer looked a little dazed.
"Do you say , " ha stammered , "that the
corn crop of 1S72 was greater than the corn
crop of 1SD3 ? How can that bo ? Iowa was
scarcely more than half farmed in 1872. and
Nebraska anil Kansas barely opened. There
s some catch about that. "
Coin moved uneasily , but said nothing.
The blmetalllst arose with a smile.
TUICKS OF THE SILVER ADVOCATE.
"Ho did not say the corn crop cf the United
States was greater In 1872 than In 1803. Ho
said the crop of Illinois. "
"Oh , " said the farmer , his face clearing cf
perplexity , but lining with disgust , "why
should a man write such a foal thing as that ?
The crop ot Illinois don't make the price ; it
s the crop of the whole country. "
Coin's dapper smirk had gone.
"Tho corn crop of the United States In
IS72 , " said the blmetalllst , "was 1,092.719,000
bushels , and In 1893. 1,619,496,131 bushels , or
about 50 per cent greater. Ilut while the
Chicago quotations were about the same In the
two years , there was a great difference In
favor of 1893-94 to the farmers. The crop of
1S72 could not bo moved at the price. It was
almost unsalable. In this part of Iowa It was
worth only 12 % and 15 cents a bushel at the
railroad stations. I hold In my hand the re
port of the Iowa State Agricultural society
for 1873 , which says ( page 10) ) of the crop of
the previous year , 'untold quantities were
burned for fuel , being cheaper than wood or
coal at any rpasonablo rate. ' On tha other
hand the crop of 1893 brought the fanners
about 25 cents n bushel at the market towns
this distance from Chicago. Is that sufficient
as to the corn crops of 1872 and 1893 ? "
It was evidently sufficient for Coin. The
starch was out of his collar ; his knee pants
disclosed his trembling limbs ; all the assurance -
anco was gene from his face ; his lips were
dry and he seemed unable to speak.
There was a dead silence In the hall.
Coin's attempt to establish his theory by
the corn crop of one state , which produced
only one-tenth of the whole crop , appeared
so weak , after it was exposed , that the audi
ence viewed him almost with pity. His
argument had been reversed against himself.
The traveling man was the first to ipeak ,
and ho addresseJ hli remark to Coin :
"Have I brought you all the way from
Chicago to be knocked out In the first round ?
How did you ever come to compare the crops
of Illinois instead of the crops of the whole
country ? Of course the crop of Illinois
does not alone make the price. Why , Iowa
raised 230,000,000 bushels In 1S93 , when you
quote the Illinois crop of 160,000,000 as fix
ing the price. Great heavens , boy ! If
that Is the way your case Is made out you
had better go back to Chicago. I think you
are done for here , anyway. ' "
Coin finally pulled himself together enough
to say that ho had evidently made a mis
take in taking the statistics of Illinois In-
btcaj of the whole country.
The chairman , Judge Dlrdsell. looked
gravely over his spectacles and said :
"Wo trust , young man , that it was wholly
a mistake. Do you wish to say any more
upon this point ? If not , we will consider
it closed by your admission that the farmers
of Iowa had more profit from the corn crop
of 1893 than from the corn crop of 1872.
Coin gasped and sparred for breath. Ho
could not , must not , admit that.
"Wo must have something more than hear
say testimony , " ho said. "Furthermore ,
why do you select these particular years ?
And why do you select corn ? You ralso
something bsdes ! corn out hero , don't you ? "
ho said , regaining his spirits somewhat , as
ho thought of a possible escape , "and you
raised corn In other years , did you not ? '
"Wo compared 1873 and 1S94 , " said the
blmetalllst In Icy tones , "because you had
-.n explanation for thosa years/
Coin chlvered.
"Ilut , " said the blmetalllst , continuing ,
"I can give you the price of corn
In Dca Molncs , the capital of the etate , for
other years. From page 10 of the report
of the Iowa State Agricultural society for
1S" . ' I rcid the following : "
PRICE OF CORN IN DES MOINES.
Deoember , December. December ,
1STO. JS71. W2.
JO.S5 JO.L'I HUG
Again there was a silence.
Finally the blmetalllst continue. ! : "On
page 23 I find the following figures , showing
prices of other products for every month in
1873 :
Jan. Keb. Mar. Apr. May June
Wheat } a S3 SI 10 { 100 S ! 00 1110 Jl 10
lt > Si J3 33 S3 43 : ' )
, Hurley I' ) 45 45 45 45 4)
Cum 14 17 IT IS 22 i }
O.tls 0 0 SO 20a SS
iiay cw ceo coo coo coo c 01
Jul. AUB. Sept. Oct. Nov. Dec.
1Vlie.it $ J Si jaw { 075 (075 JOT' , JO 8 >
Uye 33 35 45 45 40 44
Hurley M 60 70 70 70
Corn 20 M 22 23 Si 22
0.ltH 20 20 7 2T 20 23
HJ > - 00 5(0 500 500 SCO 500
Again the blmetallist paused for remarks.
"With the single exception of wheat , " he
said , " all these prices are not only below
present prices In DCS Molnes , but below the
avenge prices of the past five years. "
Everybody looked to Coin , but that Indi
vidual hid a hunted look In Ills face that dis
missed all thought ? of an attack from that
quarter.
The b'.inetalllst ' continued :
"I tlnd on page 18 of this book a report of
the hogs packed for the reasons of 1871-72
and 1S72-73 at the following places In Iowa :
Illevuc , Birmingham , Bloomflcld , Burllng-
lon , Cedar Uaplds , Council Blurts. Davenport ,
Decorah , Doa Molnes , Uubuque , Eastptrrt ,
Eddyvllle , Farmlngton , Fort Madison , Glen-
wood , Hamburg. Iowa City , Keokuk , Mc
Gregor , Muscatlne , Oskaloosa , Ottumwa , Sa-
bula. Sioux City. Waverly , WInterset.
"You would think , would you not , Mr.
Coin , that the average price paid for the
hogs packed by all these houses , some on
the eastern border ot the state and some on
the western , would bo a fair criterion ot the
price of hogs during these years T"
nut Coin was past denying or admitting.
"The average price per hundred weight by
then establishments for their hogs In the
season ot 1871-73 was $3,74 , and In the Beaten
ot 1872-73 , $3.G2. Out ot these prices came
the freights and profits to local buyers.
Thcie figures are below the average price ot
hogs In any elate today tor the last five
yean. "
"You don't teem to check ( bete people a
little bit , " tali ] the traveling mm to Coin.
'Do you admit ill these things to be true ?
irnilnet * ofthe
your whole argument from the decline of
prices Is destroyed. If you have anything
to say now Is the time to say It. "
"I took my statistics , as everybody does
who writes on such subjects at a distance ,
from the New York markets. I couldn't look
up local markets , " raid Coin.
"Ilut don't you know that freight rates are
declining , so that prices might be less In the
cantral markets and still yield as much as
the farmers ? "
Coin brightened up for a moment , as though
ho had struck the thread of the discourse.
"Of course , " he said , "freight rates have
declined. The gold standard made them de
cline. "
WHY FREIGHT HATES ARE LOWER.
"Oh , come now , " said Judge Ulnlsell , "do
you mean to claim that with steel track ,
better engines hauling twice 23 many cars
to a train as formerly , and doing a far greater
volume cf business , there Is no way to ac
count for a decline In rates except by charg
ing It to the gold standard ? Ushould think
freight charges ouijht to be less than form
erly. If they were not , I would say there
was outrageous robbery. "
"t will admit that. " slid Coin.
"You might as well admit everything ,
young fellow , " said the traveling man. "That
Is your whole case. The same progress has
been maile In every line of Industry as well
as In railroading , and If you admit that rail
road rates are legitimately and properly
lower you must admit that the same cause
has a natural nnd legitimate effect when It
reduces other charges. Why , every time
one day's labor Is saved from a ton of pig
Iron the price legitimately falls that much
It Is no longer In the cost , and It ougl.t not
to i be In the selling price. Why , now 1 look
at i It , I believe you have left science , dis
< covery nnd progress entirely out ot your
; heory. You ara here lo argue that ai
80 CCNTJ
iw III ) .
ON T
a mm
article ought to cost as much now ns It dl <
thirty or forty years ago , and that If 1
doesn't something is wrong. Why , my boy
you must get In line with the ngo better
than that. "
The whole nudlence was smiling at till
friendly chiding , but Coin evidently did no
enjoy It.
"Coin Is probably the only person In th
world , " said the blmetalllst , "who thinks tha
nails nnd pig Iron ought to sell for ns mud
now as In 1859. Why , an Iron worker It
1859 would hardly know an iron mill In
1895 , and the dismantled blast furnaces o
northern New York show how far they wcr
behind the modern ones. "
"I must say , " continued the traveling man
"that unless It can be shown that tha labo
In a given article has been reduced in pa
we ought to welcome any reduction in price
Can't we have some light on how labor 1
faring ? "
"I can tell you something , " said a vole
In the audience. "I came to this country
from England In 1854 , a carpenter by trade
I struck Chicago and worked at my trad
there for $1.25 per day ; No class of labo
has declined since then , but I can tell yo
something that has declined. When I wa
ro about ns , follows : Engineers , 3.7 to 4
ents , per mltei firemen , 2.2 to 2.5 cents per
nllo ; freight brakcmen , $52 to $60 per month ;
aggagemen , J$50J and $55 ; passenger con-
uctors , $100-la.jl20 ; freight conductois , $63
0 $85 ; section laborers , 1214 cents per hour.
Engineers nfcll'.flremen ' ore guaranteed a
ilnlmum of 2,600 miles per month , nr.d
aid for excess : -
"How do thesq compare with tha wages
" '
f 18727"
"Wages naif 'Average some higher by the
ay rolls thanilnjl872. "
"You seem , to , think the condition of rail-
oad employes Is Ideal , " sneered Coin. "Rail-
oad men wexa uot all of that opinion last
car. "
"You havo'no'right to put words Into my
mouth , " said the engineer. "We are compar-
ng the condlon ( { of wage workers now with
ormer times. I nm satisfied that It has not
> een growing worse since 1859 or 1S73. I
lope It will crow better and that they will
not cease to organize nnd agitate to make It
better , lint when I consider that clothing ,
no-it groceries , furniture , carpets , building
naterlnl , musical Instruments and In fact
everything except what comes from our
armors , is so much cheaper than formerly , I
am sure u man who has regular wages Is
nuch better off now than then. It is true
lint the last eighteen months have been blue
ones for railroad men the country over.
They are not doing so well as three or four
years ngo. Wages have been cut and large
lumbers are laid off or working on short
line. Ilut I don't think we want to lose
our heads , nnd say somebody Is conspiring to
lo It , for I think mighty few people arc
linking any money out of It. I don't believe
.hat something done twenty-two years ngo
ins caused It. I believe that If they would
quit talking so much about the finances there
would bo less the matter with them. "
"You talk about goods being cheaper , "
said Coin. "That Is Just what I claim. The
irlce of everything produced by labor Is
aclng crowded down. Gold has a laiger
command of all these products. "
LABOR BETTER PAID THAN EVER.
"I don't see how that hurts me , " said the
engineer , "so long as my labor commands as
much gold ns ever. "
The audience smiled at the apt reply.
"You have got to prove to the wage worker
that these declines are coming out of him , "
said the engineer , "before you can expect
him to argue that cheaper goods are a bad
thing. It hasn't hurt me any , that I can
see , to have the freight rate on the Northwest
ern road go from 2.35 In 1873 down to 1.42 in
1892. My wages are ns good as under the
old rate , and to the extent that I buy goods
1 am benefited. Certainly It has been of
great general benefit. Do you wont me to
mourn because I can buy a clothes wringer
for $2.50 that In 1873 cost $7 , or because I
can shoe my family for one-third less money ?
I can't control my feelings to that extent. "
And the engineer sat down amid the laughter
of the nudlence , which was evidently li ;
sympathy with his views.
"I know something about wages In Chicago
In 185'J , " said an elderly gentleman , rising ,
"My name ID Jonathan Clark , and my home
Is still In Chicago. I came to Chicago In
1818 and began work for C. II , McCo"rmlck
at $10 per month and board. In 1853 I began
business as a builder. Throughout the 50s I
paid my foreman $1.75 per day and other
carpenters $1.25 to $1.50 per day. Masons
were the best paid mechanics then , as now
they got $3 per day. Mechanics' tools cos
more then than now. The common price for
day labor , down to war times , was 75 cents
to $1. " . „
"How aboutliving expenses ? "
"All manufuclurpd goo's were higher than
In recent yeqrs. .Calico was 10 and 12 cents
a yard , and .all dress goods proportionately
woolens 'were higher , furniture was mucl
higher. U you ) bought as goad as nr-st peopli
buy now ; carpsts uero out of reach ; hardwnr
was much higher ; glass was much higher
Meat was cheaper In the city than of bt
yens ; sugar anil molasses ccst moro then than
now ; flour was'ibdut ' the same ; kerosene wa
not in usa ; rents' -were lower , of courfo , In
" ' ' '
Chicago.
"Could a ma'p of small means build a hous
of his own as'cheaply now as then ? "
"Leaving la.bor and land out of the account
ho could build tlio same house for much lesi
than then , nut ho would have to pay mor
for the ground' ' and , for the labor. "
"I was sclllnp.figoiU in 1859 and 1860 , " sail
a gentleman , rising , "la a small Iowa town , t
the country t'gade. "
"What town , and what U your present lew
tlnn ? "
"This Is Mr. O. Sang , a salesman for the J.
A FREE SILVER FALLACY.
getting $1.25 a day for my pay my wife had
to pay 10 cents a yard for calico no better
than I can buy now for 5. "
"I can tell you something , " said another.
"In 1860 I was a porter In a hardware store
In Utlca , N. Y. , at $1.50 a week. Same Job
now pays $9 per week.
"I remember , " said a young man , "a
particular man who often worked for my
father by the day In Dubuque county , this
state , In the 60s and 70s. He got $1.25 per
day. That was common pay for day labor
In a country town. Now I can get no day
labor at less than $1.60 par day. "
"I know what railroad employes got In
1859 , " said the locomotive engineer who had
been present at the hotel discussion. "I
have been looking It up since our talk of
two weeks ag . I went Into the general
ofllces of our road , the Chicago & Northwest
ern , and examined the old pay rolls. While
I suppose the officials would not want to
be bothered by dally applicants , I. have no
doubt a committee representing any body of
railroad men would b ? given the same lib
erty that I had. I went back to 1830 because
Coin refers to that year. I copied the follow
ing from the pay roll ot July. The man se
lected from each class of employes received
no more than the others In his class :
I'UOM C. & N.V. . ItAILAVAY I'-
_
I I
Name. Cl s. Uayeltate | Total
Krnnk 1'leice , engineer sw ; suoo
John Hover , fireman 21 i S3 31 23
John llartlcim. slnllonnrj- eng 21mo 3) ) UO
1'ntrk-k McDonald , wntchnun. 31 75 r. n
Trod I'hlllinlre , cur irimlier. . . 1 ! 5 u n
A. A , Ilnbntt , pans , cuuiluclor. memo 75 00
J"hn Hull. baKKUKcman memo M 0)
Thomas Murray , brnkrmin. . . . memo 3) Oi )
A. Mcl'iiinbrMKv. freight con. . memo S > 0) )
H. U. Clark , trav. intent. N. U mo W Ol )
Michael llucklty , sec. laborer. . 8) 19 CO
"What do theje men get now ? " asked Coin ,
"and how many are laid off or worked halt
time ? "
"As to the number laid oft and out of
work , " said the engineer , "we all know that
It varies with the amount of business to be
done , and always did. Last year crops In the
west were very light on account of the
drouth , and the railroads have not so much
grain to haul. Good times , when factories
are running and everybody buying goods
freely , are certainly the hot times for rall-
rotd men , and ilio for railroad owners , and ,
It Beams to me , tor everybody. The only
lloa l how to get them. Tbe present
V. Farwoll company , Chicago , " said Mr. Mil
ler.
"We , In the country , told standard prints In
these years , " Mid Mr. Sang , "at 1C cents per
yard. This was for Mcrrlmack and standard
gcods. Wamsutta was as low as 12 cents
Standard sheeting was about the same , six
yard for $1. Kentucky Jeans , CO cents per
yard , now about 32 % ; Monson's satinets were
largely sold at 75 cents per yard , now out of
the market , but similar goods are not over
half that prlco ; merinos were a common line
of goods sold at'45 to 50 cents per yard , better
goods have taken 'their place at 12V4 to 15
cents per yard. ) T'thlnk the decline runs In
about that proportion through the stock ot
a dry goods elore. "
OLD WAH TIME PRICES.
"If you are polne back to before the war , "
said a substantial Booking gentleman , rising ,
"I can tell you , that the year I was 17 years
old I worked on a , farm for $84 for the year ,
doing a full man's work. I remember that
during at least. a part of that year oats told
at 13 cents ai.busbel and dressed pork at 2
cents a pound.iA6d ' that was not out west ,
but In Monroa dunty. New York. "
"What Is ytnin name and present postofllce
address ? " asked tbe chairman.
"E. A. Lynd , Oowrle , la. "
"I think we want these figures , " said the
chairman. "I 'notice '
that on the same page
with Coin's reply to Mr. Henrotln ( Coin
winced ) he asserts that prices were not as low
In 1859 , or before the war , as they are now. "
"Don't forget In that connection , " said the
Wright county farmer of former acquaintance ,
"that I hauled dressed begs from hero to
Dubuque , 198 miles , before the war and sold
them there at $1.50 per hundredweight. "
"What Is your name and address ? "
"Thomas Flaherty , Fort Dodge , la. "
"I can contribute some experiences In that
line. " said another man , rising.
"What ta your name and address ? "
"W. V. Manchester , Ilurnslde , la. "
"What U your experience ? "
"I hauled wheat from my farm In Webster
county to Marengo. Iowa county , In January ,
1862. 150 miles , and sold It for 45 cents per
bushel. Took me two weeks to make one
trip. "
These spontaneous contributions from men
who bad actually experienced the "good
times" gone by greatly stimulated the In-
lookoJ on as n spectator whom subsequent
proceoJIngs would Interest more.
The blmotalllst arose and held up n book
which ho said was a copy of the report of
the Iowa State Agricultural society tor the
year 1859. Ho continued :
"I have the report of the. State Agricul
tural society from 1859 down to this time.
The earlier reports are not so complete In
Its record of prices ns the latter ones were
mado. There was no systematic effort at
first to recorJ priced , but they are often re
ferred to In the review of the secretary anJ
the reports of the county secretaries. In
1859 the secretary of the Jefferson County
Agricultural society , nlthough he referred to
the grcnt boon which that county possessed
In n railroad , writes as follows about farm
profits :
" 'Oats are felling at 25 cents per bushel.
Will not average halt a crop.
" 'Corn will bo an abundant crop. But
what will our crcp avail us ? Just now It
connot find a cash market at 20 cents * a
bushel. Many small lot ? have been sold at
25 cents , but there nre no buyers who will
take up enough to make an appreciable sen
sation upon the pockets of the farmers , or
anything like a marked Impression upon the
aggregate Indebtedness ot the corn owners.1 "
"Oh , " said Coin , "you have happened to
catch me on ono year , when there was n
big corn crop. How nbout the next year ? "
"Well , hero If the next year. In the re
port for I860 Secretary Shaffer writes , on
page 382 :
" 'Wo can oay nothing satisfactory as to
corn. Wo can call the crop vast , immense ,
umrioasured , etc. , but that Is all.
" 'All the cereals escaped the blast and
mildew of previous years ; for example , eaU
sold at 50 cents ta $1 for seed. After
harvest they were steadfastly refused at 15
centf.
" 'These Items are extmnely unsatisfactory ,
and no reader can possibly regret it more
than the writer. ' "
"The secretary for Keokuk county says
( page 387) ) :
" 'Corn Is the leading article proluccd , and
U most relied on for a sure return , although
It Is now selling at but 15 cents per bushel ,
and will not command cash at that. ' "
"Those reports , " said Coin , "show for
themselves that there was an overproduction
In those years. "
"Oh , " said the blmetalllst , "stick to your
proposition , that prlcss were not so low In
1859 , or before the war , as now. Don't begin
to explain already why your positive statements >
monts are untrue. If supply and demand
controlled prices then that law may have
something to do with them now. What do
you have to say about the next year , 1801 ? "
"I know that pig Iron was higher than
now , " said Coin , seeking to shift the field
of Inquiry.
In the report of 1861 the secretary , on
page 102 , saya that corn Is refused at 10
cents per bushel of seventy-five pounds , and
that potatoes are abundant at 20 cents per
bushel. What do you know about 1862 ? "
I don't know anything about them , " said
Coin.
AUTHORITATIVE EVIDENCE ABUNDANT
"Well , these are official figures. The re
ports of this society are the best evidence
obtainable as to the condition of farmers in
this state In these years. Hefore you gave
way to hypo'chondrla over the declining con
dition of the farmers you ought to have
looked up their condition In former years.
In the report for 1862 , page 243 , the secre
tary says that wheat has not been a re
munerative crop for some years. On page
245 he states that cattle buyers are quite
numerous at Falrfleld ( his home ) and prices
are not remunerative. 'The price of dressed
hogs , ' he says , 'Is now $2 per cwt. ' "
"I will venture , " said the blmetalllst , paus
ing for a moment , "that the price of live
hogs has averaged mora than double that
figure In Falrfleld for the last year , and the
last five years. And what a difference to a
farmer In the amount of store goods his hogs
will buy ! What do you guess as to 1863 ? "
ho added , to Coin.
"I don't know about hogs , " said Coin , "but
I know that nails were higher than now. "
The audience laughed derisively.
"Well , 1863 carries us pretty well Into the
war , " said the blmetalllst , "store goods had
felt the advance caused by paper money , but
Secretary Shaffer attributes the higher prices
of that year to a short crop. He says that
wheat for that year was below an average
crop. 'The price , ' he says , 'at this writing
Is 75 to SO cents ; last year ZO to 40 cents
( page 416) ) . On the same page ho says that
in consequence ot the partial failure , 'prices
of all provisions rule much higher than a
year ago. Flour $3.50 , last year $2.50 ; po
tatoes $1 , last year 20 to 25 cents ; onions
hard to get at $2 , last year 50 cents ; corn 50
cents , last year 15 cents ; pork $3.50 , last
year $2.25 ; apples 50 cents , last year 20 to 40
cents for selected , etc. ' "
"In this report the Polk county secretary
says of corn : 'This great staple article , I am
sorry to report , is almost n failure this year.
The market price Is now 30 to 40 cents per
bushel , as against 12 to 20 cents last
fall. ' "
"In the report for the next year , 1864 , we
strike the booming prices of what Is called
the war period , although the war began three
years previous and was nearly over. In the
report for this year we find an address de-
1 vered by Hon. John F. Dillon , before the
Union Fair , held by Scott , Clinton , Cedar ,
Jones nnd Jackson counties , at Wheatland ,
September 9 , 1861.
On page 114 he makes an estimate of the
possible Income from eighty acres of land
In that year as follows :
30 bushels barley , 30 bushels per acre , "M
bukhels nt $1.0) per bushel $1,123
JO acres of whcnt. 2i > bushels per acre , COO
bushels nt $1.70 i > or bushel 1.020
21 acres of corn , 40 bushels per acre , 8')0 '
bushels at 70 cents per bushel . + Mil
Total J2.705
"There , " said Coin , rallying desperately ,
"what have you to say to those prices ? They
show what an abundance of money will defer
for the farmer. "
"Don't interrupt me In the middle of the
speaker's remarks , " said the blmetalllst.
"Walt until you hear how ho congratulates
them. " Mr. Dillon continued to say :
I congratulate you upon the Improved
condition under which you , ns a clnsn , are
nble to prosecute your calling. Take , for
Instance , the matter of agricultural Imple
ments , the planter , the mower , the reaper ,
the threshing machine. These mark a noble
epoch In farming , nnd that era Is contem
porary with you.
You are the most prosperous class In the
community. You Imve scarcely felt the
touch of war , except ns you hnvo been
called upon to send , anil It may be to sac
rifice , a son or brother In the cause and In
dcfensu of your country and Its Hag.
Prices of articles which you buy have , It Is
true , Kreatly advanced with lulte or almost
equal step. With n bushel of wheat or bar
ley you can buy ns much , taking all things
together , as In 1SGO.
"Now , that. " said the blmetalllst , "Is not
what I would call very enthusiastic congrat
ulation upon Bivch booming prices. Apparently
the speaker did not have the courage to assure -
sure bis audience that they were better off
under these prices than In I860. "
"You don't say anything about live stock , "
said Coin.
"I am waiting for you to suggest what you
want , " said the blmetalllst. "I am hero to
accommodate you. The Illackhawk county
secretary reports about 2,000 head of beef
cattle sold from that county during 18G1 , at
an average price of about $15 per lic-ad ;
also , that about 13,000 cheep had been
brought Into the county from Michigan , Ohio
and Wisconsin at an average of about $1.75
per head. "
"In the 1865 report , Lee county reports
hogs worth 10 cents per pound. Dubuque
county : Price of spring wheat after harvest ,
$1 ; winter wheat , $1.25 ; corn , 25 cents ; oats
during navigation to St. Louis , 25 cents ;
after navigation closed , 15 centt ; average
price of good beef cattle for the seaion In
Dubuque for shipment to the Chicago market ,
C cents on foot. Jefferson county layi that
wheat Is poor In quality and will not grade
for shlpnunt : corn , average for year , 40
cents ; oats , 20 cents ; cattle , 3 and 4 cents.
Marshall county sayi , wheat worth SO centi
to $1 ; horses , average for three yean , $150 ,
army and home demand taking all surplus
Floyd county sayi. buyeri have been paying
7 to 9 cents for hogs and 3 to 4 cents for
erly , terminus ot Cedar Falls & Minnesota
railroad. "
"Thero Is one thing you will be com PC II oil
to admit , whether you want to or not , " said
Coin , "nnd that Is that hogs wcro bringing
a mighty good price In those days. "
WHAT AFFECTS FARM PRICES.
"Thoro are several reasons , " said the bt-
metalllst , "why hogs brought so good n prlco
for several years there. One of these reasons
was that the country , cither through the
drain to supply the army , or some other
cause , had been stripped ot hogs , In fact ,
the United States agricultural report for 1865
( printed In 1S6C ) shows less live stock ot all
kinds In the country , January 1 , 1866 , than
In 1860. Hogs had fallen from 17,383,629 to
13.6ln.87C ; cattle , from 13.599,880 to 12.674. .
968 ; horses , from 4,287,126 to 3,899,019. The
law of supply and demand , which always
asserts Itself , was under the market of these
years.
"In the 1866 report Secretary Shaffer r < s
cords wheat at $1.75 ; corn , 35 cents ; oats , 23
cents ; hogs , $5 to $6 per cwt. "
"Those were good prices , " Interjected
Coin.
"Corn crop cut short by frost , " continued
the reader. "Had the frost been one month
later the crop would have been Doubled , re
ducing It In price , and yet proving more
remunerative.
"Tha 1867 report shows prices still boom-
Ing. Wheat about as In 1866 ; corn about 5o
cents ; cattle nnd hogs , 5 to 6 cents.
"In 1SCS prices had slumped badly. On
page 403 , at the Mississippi river , spring
wheat Is quoted at SO cents ; fall wheat nt
$1.10 ; corn , 25 to 30 cents ; oats , 30 to 35
cents.
"In the 1870 report the secretary for Leo
county , which had the advantage of river
transportation , says wheat Is worth SO cents
to $1.
"Tho 1871 , 1S72 and 1873 figures I have
already given 7011.
"In the 1873 report ( page 381) ) Is given an
abstract of an address delivered by Charles
II. Rogers at the Harrison county fair. The
following Is an extract :
Proud of these aspects and of her progress
150 MILES TO A RAILROAD PRICE AT STATION , 45 CENTS PER I1USHEL.
in practical agriculture still the condition
of this laboring man ami farmer Is far from
what IH desirable. They Imve worked ,
watched and wnlteil for un adequate re
ward until wcsulnp'H lias well nigh turned
to hopelessness. Farming has been a finan
cial failure for the past threu years. Hunl
toll has opened up line farms nnd brought
to the bins tbe products of unexampled
harvests , but the pales have hardly paid
the expenses and bought cheap clothing
until tlio coming' harvest. There Is no
surplus to improve building" , purchase
thoroughbred stock nnd furnish tbe homo
with any of the luxuries of urt anil litera
ture.
"Thero , " said the blmetalllst , as he closed
the last book , and Coin aroused slightly from
a comatose state , "no have had a hasty
glance backward over the years when wo are
supposed to have been better off than now ,
and have had a gllmpso of conditions from
which wo are said to have fallen. The great
staples of the farm all had their fluctuation ? ,
but at times they all went lower than they
arc now , while the average of all Is not above
the average of recent years. And we should
never lose sight for an Instant of the re
duced expense with which these crops are
now produced by modern machinery and the
great reduction In the cost of the farmcr't
supplies. "
I would like to ask a question , " said Mr.
Homer Miller , ono of the leading citizens' ' ol
Eagle drove.
"Certainly , " said the blmetalllst.
"Coin's theory , " said Mr. Miller , "Is that
the bullion value of silver will purchase as
much corn , wheat , oats , par ! : , etc. , now as
at any time In the past. Are not those
figures from the Agricultural society's re
ports In paper money ? "
"They aro. "
And If those prices were reduced to ex
changeability with silver bullion they would
bo greatly reduced , would they not ? "
WAR PRICES ON PAPER BASIS.
"Certainly , " said the bimetallism , smiling.
"In January , 1865 , gold was worth from 1U7
to 265 and sliver was worth more than that ,
so that all the quotations of 1865 must be
reduced more than one-half to arrive at the
equivalent In silver dollars. Even the quo
tations of 1873 must be reduced 15 per cent
to get them to a silver basis , where Coin
challenges comparison , whllo the prices
ot 1895 must be doubled to get them on that
basis. This would give us corn In Des
Molnes In 1873 about 14 cents and In 181)5 )
about 90 cents , or wheat In Des Molnes In
1873 about SO cents and In 1895 about 90
cents. Hogs in Des Molncs In 1873 about
$3 and in 1895 about $9. "
Our friend , the traveling man , bestirred
himself again. "This Is a Hood , " ho said to
Coin. "It seems to me that your whole case
Is In danger. You have used the decline of
nrlces as your main argument , and It Is
quite clear that there has been no genera !
decline In farm products In these primary
markets. "
"Thero Is no use arguing that point will
these people , " said Coin. "They are proba
bly correct as to prices here , but their case
is exceptional. They lacked transportation
facilities and were distant from market. But
with farmers farther cast It Is different. "
"I don't know about that's helping your
case , " said the traveling man , doubtfully.
If transportation facilities have brought new
competitors into the market against the east
ern farmers , and made prices lower , I don'i
sco that the cold standard can bo chargei
with It. It Is a natural Influence , a leveling
of conditions. The west has practically been
moved eastward , benefiting It , and to BO nit
extent , no doubt , damaging these with whom
It competes. "
"These people are Inconsistent , " said Coin
" claim that but farm
"They everything pro
ducts and labor have declined. It Is un
reasonable to suppose that they shouli
escape when all else Is influenced. The same
cause which affects everything else must af
fect farm products and labor. "
Will you permit mo to explain that ? '
said the blmetall.st.
"Labor does'not decline , because the de
mand for It Increases rather than slackens
as civilization progresses. The more we
have , the more wo want. There Is no stop
ping point. The richer the world becomes
the more use It has for labor. It costs n
great deal less money to build a given house
today than It did twenty-flvo years ago , bu
wo are not content to build the old house
at the reduced price. Wo build a bettei
house and put more labor Into It than wo dli
Into the old ono. "
Farm products have not generally de
cllned , except as prices have been Influencei
by changes In transportation , because there
U a limit to the land available. Land am
labor are the chief elements In the cost o
farm products , and while the amount of la
bar used Is constantly being reduced tlio re
ductlon has not overcome the opposing In
fluences. With the most commodities there
Is a constant and rapid downward tendency
In cost , because the amount of labor In then
Is contlnualy being reduced , and all the prl
mary materials are being cheapened. A
stove Is cheaper than formerly because the
ere In mined with less labor , transportci
with less labor , smelted with less labor am
less fuel , cast In the foundry with less labor
and hold with less profit. With thousands
of eager competitors studying : to excel cacl
other these savings and this downward ten
dcnt-y are Inevitable. It Is the way of de
velopment
"One who reads these old agricultural re
ports Is Impressed by the difficulties which
* utrounded the farmers then and were the
subjects of their discussions at their society
meeting * . One great problem was the fenc
Ing. wh cli has been solved by the Invention
and cheapening of barbed wire. Darbec
wlrs was a great boon at 10 cents per pound
but now It Is sold at 'Vi cents. Another
was to get a plow that would scour In the
heavy lotm ot these western states. Tha
trouble has gone and the plows are cheapened
besides. Another was to get the help to take
care of the grain fields as they ripened. The
self-binder disposed at that and of all their
wages as well , nnd costs leis than the old
reaper. It would require volumes to relate
the benefits that have come by cheapening
the methods of production , all to bo written
down at last by the new school of finance
under the head of calamities , There never
practice of first getting up a theory And af
terwnrd looking tor the facts to support
4'Coln doesn't scorn nt ICIs best today , " said
the traveling man , "but I would llko someone
ono to tell mo how It Is about debts and In
terest. On pngo 122 of the report of his
school ho says the Interest , except In cities
on first-class loans , Is about ns high as In
1873. "
"Permit mo to answer thnt , " said n gen
tlemen , rising.
"This Is Mayor Granger , ot our neighbor
ing city , Fort Dodge , " snld the chairman.
INTEREST RATE HAS FALLEN.
"Twenty years ngo , nnd oven less , " said
Mr. Granger , " 10 per cent was the lowest
rnto of Interest known here. Ono per cent
n month was regular nt the banks , nnd
'shaves' and 'commissions' wcro common.
As Into as 1880 our county and city paid 3
ier cent for money , but both hnvo since sold
per cent bonds nt n premium. At least
three Important eastern life Inaurnnco
companies have agencies. In our city to loan
their money nt C and 7 per cent. Interest
rates hnvo declined 40 per cent since 1873. "
"I think It time , " snld the chairman , "to
ilr.iw this phase of the discussion to a closo.
The question whether farm values have de
clined and nro on n permanent down grade
by reason of our monetary system has been
made by Coin the front nnd body of his
theory , nnd 'It should theiuforo bo thoroughly ,
examined. But I think It Is thoroughly
demolished , nnd that wo may pass on to
other features of the silver question. Have
you anything moro to say , sir. " addressing
Coin , "lo support your theory that farm pr
ducts have suffered a decline and thnt
ufnctured stapled should decline ? "
'All I care to say now , " bald Coin , "Is thnfl
I can prove that the silver dollar was cstnb-J
llshed ns a unit of value in 1792 , that the
standard was secretly changed in 1873 , and
thnt silver Is the true standard nnd meaa-i
ure todny. There Isn't gold enough in thol
world to do Its business , and the result ot ]
the gold standard must bo a contraction ofl
values " , which Is constantly unjust to debt-J
ors.
"You nro laying down n great many gcn-j
oral propositions , " said the chairman. "Wo
had better take up ono nt a time. "
IDEAL STANDARD OF VALUB.
"Ono word more , " said the blmctalllst. |
Before wo leiivu this question of prices and
debts and the comparative burden of a given ]
debt In 1873 and now , I would llko to say
just a little moro. The Ideal standard of
value Is the productive value of manual labor. )
Wo can only approximate to It In our monetary - ]
tary standard , but can keep It In sight nndl
know when wo nro leaving It. If a man
borrow n given amount of money It Is'essen
tial to justice that when ho conies to pay It
tlio sum shall represent the snmo amount of
labor and self-denial that It did when ho re
ceived It. If this Is the case- the lender re
ceives back the same days' works that ho ad
vanced , plus the interest agreed upon , and
the transaction Is as square and level as
the exchange of work so common among j
our farmers In harvest nnd threshing time.
"If , when a $1.000 debt comes duo ns
much as labor and self-denial are required to
pay It as wcro required to create $1,200 when
the debt was made , the borrower has lost
$200 , nnd such n condition continuing would
be disastrous to society.
"What Is our condition In recent years as
compared with twenty-five or thirty yearg
ngo ? The most tangible and authoritative
showing we have Is the senate report upbil
wages and the cost of living , made In 1892J
It was an exhaustive examination Into thpj
condition of wage-workers. The report was
nonpartlsan. It found that , comparing 1892
with I860 , and averaging the occupations , tin
labor which would earn $100 In goods In 180i
would earn $170 In goods In 1890. This I
conclusive as to the comparative burden of
debt In 1873 and naw , for debts are pal
with what Is left from living expenses. "
"I assert thnt where wages have advance
they have been forced up by the organlzatlo :
of unions , " said Coin.
"Organization Is doubtless beneficial to nl
classe-s , " said the blmetalllst , "but a unlor
Is Ineffectual to advance or maintain wags
unless the conditions ot business support It.
No class of labor has secured a , greater per
cent of advance in wages in the last forty
years than the common farm hand or day
laborer. Our problem Is not whether or
not advances have been voluntary by em
ployers , but whether , since 1873 they could
stand them. We are not dealing here with
disputes between employers and employed ,
but with conditions which are vital to both. "
"Your statisticians are the tools of employ
ers. How about the multitudes of Idle men ,
the Pullman strike , and all other strikes ct / '
1891 ? Do you think If your statisticians report - /
port an advance of wages In 1891 anybody ; I
will believe them ? " \j
"Mr. Coin , " said the blmetalllst , "this Is
an Intelligent audience , and I advise you to
address yourself to Its reason. The strij.es
of the past year have been attributed to two
causes , the greed of employers and the busl-
n ss depression. The money system , which
is the only subject In this debate , Is not
responsible for greed , and If It Is responsi
ble for business depression the employers nro
as much Injured by It ns the employed. "
PANICS PROVE PREVIOUS PROSPERITY.
"Without entering hero Into any ot the
other causes which are suggested ns con
tributing to the revulsion of 1893 and 1894 ,
I will nssert that such revulsions usually
furnish proof In themselves of an era of
prosperity and expansion preceding. In times
of prosperity , when money Is easy to borrow ,
and so many ventures are bringing profits ,
men become more sanguine , too venturesome ,
and overestimate values. Elderly men , who
have had experience , will utter words of
caution , but the young men will lough at
tha 'old fellows who ore behind the times.
By nnd by something happens to check the
pace. Suspicion breeds. Confidence In values
weakens. Men try to turn their property
Into cash. Every man makes a rush for what
U dus him , and then comes the collapse , In
which no one will buy anything at any price.
Eich feeH that he doesn't know what the
right price Is. He will wait , nnd while ho '
waits there Is the stagnation which charac
terized 1891.
"When prices of commodities drop to cost
of production the doors of the factories closa
and wo have the sad spectacle of Idleness
and want. When the store shelves nro ex
hausted prices advance , ns they recently
have In cotton goods , and the mills re
open. Gradually there comes n feeling of
confidence that bottom has been reached
and that prices are ns low as they will get.
Then capital flows out for Investment nnd ' >
recovery begins. The lesson Is remembered . mf
by every fellow who has been pinched , but
twenty ycnrs from now the country will ba
full of young money makers , who will need
n whirl of their own.
"Nobody dcslrrs such a condition ot affairs
as we have had In the United States for tha
past two years. It Is absurd to tell the
people that anybody Is conspiring to make
such n condition permanent. Nobody makes
a profit on unemployed labor , Idle factories * "
or empty buildings. Purge your remarlO
and your books ot all such nonsense. DoeJ t
your whole theory of money rest upon the
business depression of two years ? If eo , It
will vanish when prosperity returns , just an -i
the greenback movement vanished when resumption - 4
sumption became an accomplished fact In I
"If the net of 1873 has done all of this " *
you ought to be able to show some of the
effects In moro than two years of the
twenty-two that have elapsed.
"I am now willing to close this phase of
the discussion and pass to any other that
Coin may Indicate a desire to take up , but I
suggest one thing at a time. "
"I would llko to begin tomorrow , " said
Coin , "with the cktabllshment of the silver
dollar as the unit ot value In the United
States. After 1 have proven that It was so
established , I would llko to have somebody
explain who had n right to disestablish It ,
and how It came that this silver dollar , It
self the measure of value , came to ba
measured by something else , "
"If that la to be our subject tomorrow , "
said the blmetallM- would like every
body Who expects to bo present to do a
little preliminary reading. I would
especially like them to read Jefferson on the
money unit , which fchows his views and
advlco given when the matter of citabllih-
Ing our coinage was first Under discussion ;
also the recommendation of Robert Morrlu ,
the report of the committee on the money
unit , and Urn famous report ot Alexander
Hamilton , then secretary of the trcaiury , on
the subject. It you have time for any
more , read the reports of Crawford and
Gallatln , later secretaries. "
Th meeting then adjourned.
( onlHglmu.
Washington Star ; "Now , Mr. " said th
professor of medicine , "you may tell me ta
what class of maladlci Insomnia belong ! . "
"Why-er " replied tbe Indolent youth ,
"It's a contagious disease. "
"I never heard It eo described. Whera
did you learn ot thl J"
"From experience. Whenever ray neigh *
bor's dog can't sleep , I'm juit * wakeful u